豆类油脂早报-20250619

Report Industry Investment Rating No relevant content provided. Report's Core View - The soybean meal market's upward trend has slowed down, but due to cost support and capital concentration, the short - term decline space is relatively limited. The palm oil market is supported by factors such as international price differentials, import costs, and strong international oil prices, showing an overall upward trend [5][7]. Summary by Related Catalogs Soybean Meal (M) - View: Intraday view is oscillating weakly, and the medium - term view is strong. The reference view is oscillating weakly [5]. - Core Logic: As the weather theme weakens, the US soybean futures price enters a consolidation phase. The US soybean crushing demand is supported by bio - fuel policies, offsetting concerns about the decline in US soybean exports. The short - term upward trend of US soybean futures has slowed down, but the phased trend is still prone to rise. In the domestic market, cost support remains, and although the upward trend of the meal market has slowed, the short - term decline space is limited in the context of capital concentration [5]. Palm Oil (P) - View: Intraday view is oscillating strongly, and the medium - term view is strong. The reference view is oscillating strongly [7]. - Core Logic: Recently, the international soybean - palm oil price differential has widened, supporting palm oil demand. The increase in import costs has led to a stronger domestic palm oil price. The strong operation of international oil prices has also boosted the palm oil market. With the support of funds, the overall rebound trend of the oil and fat sector continues, and the short - term palm oil futures price is oscillating strongly [7].